BUDGETING #1
BUDGETING #2
BANKING #1
BANKING #2
Misc.
100
Why should you budget your money?
Multiple Answers
EX: So you don't go negative and get overdraft fees; to keep track of how much you're spending on what; to make sure you have enough money to pay all your bills
100
Which need/bill is usually the largest/most expensive?
Housing/Rent
100
Why is important to have good banking practices?
Multiple Answers
EX: So you don't go negative and get overdraft fees; to keep track of how much you're spending on what; to make sure you have enough money to pay all your bills
100
What is zero-based budgeting?
A zero-based budget is a framework that assigns a job to every dollar of your take-home pay.
100
True or False: You earn interest when you put money in a savings account.
TRUE: it is a type of investing and interest rates vary with each bank
200
What is difference between a want and a need?
Needs are usually required to survive
Wants are not required to survive
200
What gets removed from your pay check that lowers the amount of money you receive?
Taxes!
200
Name 3 things you can do at a bank.
Open Checking, Savings, & Investment Accounts; Withdraw & Deposit Money; Cash & Deposit Checks; Take Out a Loan; Apply for a Credit Card; Monitor Your Accounts
200
What has made financial management way easier in recent years?
Online banking and banking apps
200
What payments will you use checks for?
rent, down payment, large transactions
300
Name 3 things that most/many people need.
Multiple Answers
EX: house/shelter, food, water, clothing/shoes, transportation
300
Who is the most important person you should pay first? What should you budget before anything else?
Yourself & Your Savings!
300
What is the differences between a checking accounts and savings account?
Checking is for day-to-day use; Savings is for saving
300
What is the difference between a debit and credit card?
Debit - immediately withdraws money from you checking account
Credit - you make monthly payments and can go into debt if you are spending more than what is in your bank account
300
What is the difference between a grant and a loan?
Loans you pay back; grants you do not.
400
Name 3 things that most people consider wants.
Multiple Answers
EX: fancy/extra clothes, nice cell phone, TV, video games, Starbucks, nails & hair
400
How should you plan for big, one-time/yearly expenses (like car registration or furniture)?
Plan ahead by setting aside money each month until you save up enough money to pay for the big expense.
400
Name 2 strategies for building good credit.
1.Always pay on time
2.Pay off the entire balance every month
3.Do not use more than 35% of your limit
4.Keep your credit cards overtime
5.Have different types of credit
400
What do you usually need to fill out in order to deposit cash or checks at a physical bank?
Deposit Slip
400
What is the envelope system budget?
You create envelopes of different spending categories (groceries, clothes, utilities, etc.) and you assign a certain amount of cash to each envelope. When the cash runs out, you can't spend anymore on that category.
500
Aside from monthly payments, name 2 other things you have to pay for when you own a car.
License, Car Insurance, Registration, Gas, Maintenance, Oil Changes
500
Explain the following quote: "Beware of little expenses; a small leak will sink a great ship."
Spending a couple dollars on a small thing everyday will add up fast. These small leaks can destroy our budget.
500
Name what goes in each space on the blank check:
1. Payer Information
2. Date of Check
3. Who you are paying
4. Dollar amount in numbers
5. Dollar amount in words/letters
6. What check is for
7. Payer's signature
500
What is a check register used for?
Keeping track of checks you write so you know how much money you actually have left before the check gets cashed by the other person.
500
What is the 50/30/20 budgeting rule?
50 towards needs
30 towards wants
20 towards savings